Impulse wave 3 or Zigzag wave C
Updated
Paras Defence has completed it's regular ABC correction post and 5 wave impulsive raise.Going aheadwe can see another impulse unfolding which can take price to 1042(in case of current structure being a zigzag) or till 1291(in case of wave 3 of an impulse).
Invalidation of this view comes at 610 levels,hence a downside stop loss of 22% can yield an upside target of 45%-70% on the upside giving us favourable risk-reward.
Hence One can go long at cmp of 736 with a stoploss of 600 and target of 1042,1290.
PS:I have assumed wave 2 or wave B completion as prices took support of 61% retracement level of wave 1,along with breaching 2-4 trendline of wave C on lower time frame.
Disclaimer:This are just my views on the stock no position should solely be taken on its basis.Posting this just for my future reference.
Invalidation of this view comes at 610 levels,hence a downside stop loss of 22% can yield an upside target of 45%-70% on the upside giving us favourable risk-reward.
Hence One can go long at cmp of 736 with a stoploss of 600 and target of 1042,1290.
PS:I have assumed wave 2 or wave B completion as prices took support of 61% retracement level of wave 1,along with breaching 2-4 trendline of wave C on lower time frame.
Disclaimer:This are just my views on the stock no position should solely be taken on its basis.Posting this just for my future reference.
Note
so far stock has achieved both of the mentioned target and is trading well above it giving us an indication of this move being an impulse.On the upside next target of 261.8% extention is coming at 1690.
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